FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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LO 7.3Record the following transactions in the purchases journal:

Feb. 2

Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456.

Feb. 8

Purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951.

Feb. 12

Purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.

 

 

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Concept

Purchase journal

A purchase journal is a prime book of entry

It is used to record the purchase of inventory made on credit

It basically helps us to keep the record and tracking of credit purchases made

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